“GovTech” is the term used to refer to technology—including blockchain—for use by public sector institutions. Blockchain technology in government can help build trust, secure data and minimize costs through open, transparent and collaborative networks.
Governments globally struggle with fraud, waste, abuse, and mismanagement of government resources often due to inefficiencies from outdated, disparate or multiple systems. Government pain points include slow, complex real property registers and transfers, limited access to liquidity, significant lags in payments due to reconciliations, and ineffective tracking of procurement goods and services.
Enables government—local, state, and federal—to become more efficient, responsive, and better able to serve society
Improves the transparency of the entire transaction recording process—including digitally signed agreements and streamlined ID verification
Inform modelling currency on ledger and the impact central bank digital currencies would have on money supply and monetary policy
Provides a single immutable record visible only to counter-parties relevant to a transaction